Starting a new business can come with numerous organizational expenses that can add up quickly. Fortunately, the IRS offers a deduction for startup costs that can...
For those who may need more time to file their taxes, tax extensions are available to provide additional time to complete the process. The IRS generally...
Estimated tax payments can be confusing, but they don’t have to be. Understanding the basics of estimated taxes and what you need to pay is key...
Wondering how to file taxes effectively? If so, you’re likely considering the best approach to tackle the process. Just like the saying goes, “The longest journey...
Streamlining Expense Management for Small Businesses Traditionally, returning from a trip meant sorting through receipts and manually creating an expense report. It was often a task...
I call this a “phantom expense”—you’re deducting depreciation related to the building that doesn’t exist, thus lowering taxable income. As discussed more in tip 12, if...
This includes keeping track of gas, oil, repairs, insurance, registration fees, and depreciation. The actual expense method allows you to deduct the actual expenses of using...